97 replies to this topic

[tradesurfer]

armstrong's latest:

 

The failure of Gold to close lower than 2015 1060.30 is not bullish. A closing still below 1179 keeps gold in a broader weak position. The 1130 area will become more critical as support. The failure of 2016 to produce the lowest annual closing only opens the door to the possibility that the final low could yet be pushed off into 2018 in the face of a major dollar rally. A closing below 1130 will still leave gold more bearish that bullish.

 

[Russ]

 

armstrong's latest:

 

The failure of Gold to close lower than 2015 1060.30 is not bullish. A closing still below 1179 keeps gold in a broader weak position. The 1130 area will become more critical as support. The failure of 2016 to produce the lowest annual closing only opens the door to the possibility that the final low could yet be pushed off into 2018 in the face of a major dollar rally. A closing below 1130 will still leave gold more bearish that bullish.

 

 

Thanks for posting MA's latest,  does not look like it will close out the year below that 1130 area though with all the positive divergences in the oscillators which seem more important than volume at this point, last year around this time Mr. A also had to acknowledge that gold had failed to take out a key bearish reversal number which he had been expecting previously and was calling for the final low in March 2016, but then said it could rally.  I take it he did not mention any key bearish reversal numbers?

[tradesurfer]

not that I could see or find...

 

I might get his gold report sometime next year and might share it if you guys buy me a few beers  

 

He has made some good calls. And I can see it making sense that we break under 1000 first and then form some type of YEARLY candlestick reversal hammer.  In fact if you look at the yearly price candles, it sure does look like that is how we are set up for 2017.... a swoosh down under 1000 and maybe lower, marginally lower or dramatically lower, but then by year end 2017 a HUGE reversal rally that rallies all the way back up to 1000 and higher to create a big yearly hammer candlestick.  ideally that would coincide with the dollar index shooting star.    talk about technical signals that would be a HUGE one.

 

And the odds are that this possible FLUSH that forms the bottom of the yearly hammer candle goes down and touches 850 the 1980 high !  what a scenario that would be wow.

 

 

 

Gold has broken key support and it is following the pattern we set forth during the summer. The main bank of technical support lies at 1130. Breaking the 1201 level is significant and now support lies at 1179. Breaking that level will confirm we should break the 2015 low and breach under $1,000. We will be providing the written report for gold targeting the low as we move into 2017.

We we warned at the WEC, gold was headed sharply lower and it may very well break the $1,000 psychological barrier for 2017. 


11/17/2016
Gold has been sending signal that it is still following the pattern we set forth months again. It failed to close above the Monthly Bullish Reversal at 1362 on a monthly basis and then crashed to close below the Quarterly Bullish Reversal in the 1340 zone for the end of September. It elected a Weekly Bearish back at 1275 and now we approach two critical Weekly Bearish Reversals at 1201.50 and 1215.50. Electing both should confirm that gold is headed to new lows in 2017 and that should break the $1,000 barrier as the dollar still rallies.

Edited by tradesurfer, 29 December 2016 - 12:40 AM.

[Russ]

not that I could see or find...

 

I might get his gold report sometime next year and might share it if you guys buy me a few beers  

 

 

Thanks again, beer sounds good! 

Edited by Russ, 29 December 2016 - 01:15 AM.

[Russ]

here's a beastie.... 

[SemiBizz]

Defined by DAILY VOLUME... the relevant trading range for Gold is 1141-1157 here...

 

VS of 1141

 

VR of 1157

 

We shall see which way she breaks, if at all on this puny volume...

Edited by SemiBizz, 29 December 2016 - 09:45 AM.

[senorBS]

dollar index looks very "toasty" after some double top type action, need a sustained decline and close below 102.50 to put the first nail in the coffin IMO

 

Oh yeah, those mining stocks keep on chuggin, probably should get a near term trading top soon but then again maybe it's norte "surprise" time, either way I am holdin long

 

Pure BS

 

Senor

[senorBS]

and da beat goes on.....

 

Senor

Edited by senorBS, 29 December 2016 - 10:50 AM.

[dougie]

It is true that plenty of gym in years a beautiful wave 2 looking charts. PVG is gorgeous

[senorBS]

It is true that plenty of gym in years a beautiful wave 2 looking charts. PVG is gorgeous

I need a translator for that post!  are you finally coming around to the idea that wave 2 declines may have bottomed? 

 

Senor